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Archive for November, 2018

CMFA Issues Financing for Kensington II Apartments

Nov 29, 2018

The CMFA recently issued $8,000,000 in tax-exempt financing for Kensington II Apartments. Kensington II Apartments is a new construction project located in the City of Lancaster on a 3.5-acre site. The project will provide 50 restricted rental units and one unrestricted manager unit, all of which will be one-bedroom. The project consists of 4 two-story buildings. Common amenities include a large outdoor community area, community rooms, laundry facilities, exercise room, storage, full-time security service and digital surveillance monitoring system. Each unit will feature kitchens equipped with a stove, refrigerator and disposal. Seventy parking spaces will be provided. Construction is scheduled to begin in October 2018 and be completed in March 2020. This financing will create 50 units of affordable housing in the City of Lancaster for the next 55 years.

The CMFA Provides $24,660,000 in Low Cost Tax-Exempt Financing to California Armenian Homes

Nov 20, 2018

The California Home for the Aged, Inc will use the proceeds of the Bonds, together with other available funds, to (i) refinance a taxable loan (the “Prior Loan”) with Bank of the West, in the aggregate principal amount of $25,500,000, of which $25,500,000 currently is outstanding, which was incurred for the purpose of acquiring, constructing, expanding, equipping and furnishing improvements known as “The Vineyards” at the Corporation’s continuing care retirement community and related facilities; (ii) finance the termination of existing interest rate swap agreements and costs related thereto; (iii) fund a Bond Reserve Account for the benefit of the Bonds; (iv) pay the insurance premium to the OSHPD; and (v) pay certain of the costs of issuance of the Bonds and the refinancing of the Prior Loan.

CMFA Financings Enable $165,000 in Contributions to California Nonprofits

Nov 16, 2018

The CMFA continues to give back to the communities in California by directing a portion of its issuance fees to charitable organizations. Five 501(c)(3) organizations received a total of $165,000 in contributions from the California Foundation for Stronger Communities with funds donated by the CMFA.

The 6 well-deserving organizations include:

Olive Crest

Western University of Health Sciences

Bev’s Angel Project

Las Trampas School Inc.

Xenophon therapeutic Riding Center

Rainbow Family Ministry, Inc.

The CMFA PACE Program Issues $3,956,968 in Property Assessed Clean Energy Bonds

Nov 16, 2018

PACE (Property Assessed Clean Energy) is an innovative program that provides residential and commercial property owners with low-cost, long-term financing for water conservation, energy efficiency, and renewable energy improvements. All while helping local governments meet their water and energy conservation objectives.

The CMFA issued another $3,956,968 in residential PACE bonds today.

The CMFA recently completed a $6,105,000 financing for Lincoln Glen Manor

Nov 8, 2018

The proceeds of the Bonds, and certain moneys of the Corporation, will be used to (a) finance the conversion of twelve independent living units to seventeen memory care units and to make certain other facility capital improvements, all located at the Corporation’s multi-level rental, continuing care retirement community located at 2671 Plummer Avenue in San Jose, California, (b) fund the Debt Service Reserve Fund in an amount equal to the Debt Service Reserve Fund Requirement, and (c) pay a portion of the costs of issuance of the Bonds.

The CMFA Issues $13,000,000 in Tax-Exempt Bonds for the Escondido Gardens Apartments Project

Nov 2, 2018

The Escondido Gardens Apartments is an acquisition/rehabilitation of a 92-unit affordable housing project for Seniors.  The Project needs renovation to address certain unit, building and common area concerns. The units will be restricted to households earning 60% or less of area median income (AMI). Amenities include parking with carports, gated community, community room, computer lab, and community kitchen. Services include transportation to shopping and an on-site community service director. This financing will preserve 90 units of affordable housing for the City of Escondido for 55 years.

The City of Oakland to Benefit from Tax-Exempt Financing with the CMFA

Nov 1, 2018

Landis Development requested that the CMFA issue $20,233,487 in tax-exempt bonds for the construction of the Posada De Colores Apartments. The Posada de Colores Apartments is an acquisition/rehabilitation of an existing affordable housing multifamily project. The project is a 100-unit multifamily residential rental facility located at 2221 Fruitvale Avenue, Oakland, CA. The eight-story reinforced concrete building occupies a total of .56 acres. Each apartment unit has an all-electric kitchen, full-sized bath and separate entry from the elevator lobby. The units will be restricted to households earning up to 50% of AMI. Building amenities include two community rooms, a recreation room, coin operated laundry and on-site parking. The project will involve in-place rehabilitation of all 100-units and common areas. The rehab work will include upgrades to the exterior/interior portions of the building, mechanical, electrical and plumbing systems upgrades and various landscaping additions. This financing will continue to preserve 99 units of affordable housing for the City of Oakland for another 55 years.